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Toronto Stock Exchange Announces Proposed Changes to Corporate Governance Guidelines

May-9-2002

Area Corporate Finance and Securities

Summary


The Toronto Stock Exchange (TSX) has recently announced its response to the recommendations of the Joint Committee on Corporate Governance chaired by Guylaine Saucier. The Board of Directors of the TSX has approved amendments to its current corporate governance guidelines to implement certain of the recommendations of the Joint Committee. The amended guidelines have been submitted to the Ontario Securities Commission for a public comment period and final approval. Members of the public have until May 31, 2002 to submit comments on the proposed amendments. If approved by the Ontario Securities Commission, disclosure in accordance with the amended guidelines is expected to be mandatory for TSX-listed issuers that are incorporated in Canada or a province of Canada for fiscal years ending December 31, 2002 or later. I  conjunction with the TSX’s announcement, the TSX Venture Exchange announced that issuers listed on Tier I of the TSX Venture Exchange will be required to comply with the TSX corporate governance disclosure guidelines.

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